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Repsol Explores Upstream Merger with APA Corp, Eyeing Expansion and IPO
14 Nov
Summary
- Repsol in preliminary talks with APA Corp for upstream division merger
- Potential move could expand Repsol's upstream operations and enable IPO
- Shares of APA rose 7.3% following reports of the discussions
As of November 14th, 2025, Spanish energy company Repsol is reportedly exploring the possibility of a reverse merger involving its upstream division. The company is in preliminary talks with several potential partners, including US-based APA Corp, previously known as Apache Corp.
According to sources familiar with the matter, initial discussions have taken place between Repsol and APA. The company has also approached other possible partners for a similar transaction. Such a move could expand Repsol's upstream operations and provide a more expedient path to a public offering, which the company's executives have previously indicated they are preparing for, with a target of 2026.
